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World Poker Tour Releases Q1 Earnings Data
LOS ANGELES, CA --
The World Poker Tour (NASDAQ: WPTE) announced Q1 earnings this afternoon and shareholders were surprised to hear the news. According to the company report, sales were up and costs were slightly down.
Even as poker enthusiasm across the nation has dropped sharply, the company was able to produce a profitable quarter for investors. Despite the good news, the companies stock still dropped over 5% in late afternoon trading.
Now trading at about 70 cents, WPTE once traded for nearly $30 per share at the peak of the poker boom in 2005. Volume was heavier than normal today, as is typical on earnings day.
As you know, the World Poker Tour is a highly respected organization across North America drawing huge crowds at its tournaments and better than average ratings for its television show.
"With the stock down this low, we see a tremendous buying opportunity for investors looking 3-5 years down the road", said Wallace Avery, a financial manager from Toronto.
"The World Poker Tour is not going bankrupt, and they are not in jeopardy of going out of business - they are here to stay", he insisted.
Despite the bullish outlook by Avery, many investors remember just recently when the stock was trading at 15 cents per share.
"I would not touch this stock with a 30 foot pole, its just too risky", says Allen Goodman, a day-trader from Manhattan who offers subscriptions to people following his stock picks.
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